South East: Over two fifths of business owners in the dark about finance options, says Close Invoice Finance
Forty four percent of business owners in the South East lack understanding of asset-based lending according to results of the latest Close Brothers Business Barometer. The survey, which aims to canvass the opinions of SME owner managers, further revealed that of those businesses in the region that are aware of asset-based lending, only 13% would consider using it.
True asset-based lending is an innovative product that allows businesses to use a combination of assets such as invoices, equipment, stock or property as security for funding.
Michael Cox, regional sales director for Close Brothers in the South East, commented: “Asset-based lending is a unique, strategic financial solution. By using a carefully-considered blend of asset-based lending, firms can significantly improve their cashflow and facilitate plans for expansion.
“We are working hard to raise awareness of viable funding options and ensure that local businesses get the advice and support they need. The barometer showed that many SMEs are anticipating growth within the next year, but many are unaware of the full range of financial options that are available to fund their plans.”
The survey also showed that cashflow is the main day-to-day concern for South East business owners; and a further 22% claim to have problems accessing finance.
“With so many SMEs struggling to maintain healthy cashflow, it is more important than ever that businesses carefully review their financial strategies on a regular basis,” said Cox.